A spendthrift (also profligate or prodigal) is someone who is extravagant and recklessly wasteful with money, often to a point where the spending climbs well beyond his or her means. "Spendthrift" derives from an obsolete sense of the word "thrift" to mean prosperity rather than frugality, so a "spendthrift" is one who has spent their prosperity. Historical figures who have been characterised as spendthrifts include

George IV of the United Kingdom George IV (George Augustus Frederick; 12 August 1762 – 26 June 1830) was King of the United Kingdom of Great Britain and Ireland and King of Hanover from the death of his father, King George III, on 29 January 1820, until his own death ten y ...

King Ludwig II of Bavaria King is the title given to a male monarch in a variety of contexts. The female equivalent is queen, which title is also given to the consort of a king. *In the context of prehistory, antiquity and contemporary indigenous peoples, the ti ...

, and

Marie Antoinette Marie Antoinette Josèphe Jeanne (; ; née Maria Antonia Josepha Johanna; 2 November 1755 – 16 October 1793) was the last queen of France before the French Revolution. She was born an archduchess of Austria, and was the penultimate child a ...

the Queen of France. The term is often used by

news media The news media or news industry are forms of mass media that focus on delivering news to the general public or a target public. These include news agencies, print media (newspapers, news magazines), broadcast news (radio and television), and th ...

as an adjective applied to governments who are thought to be wasting public money.

Etymology

While the pair of words may seem to imply the opposite of its meaning (as if you are thrifty in your spending), it follows the tradition of the earlier word "scattergood", the first part being an undoing of the second.

In artwork

William Hogarth William Hogarth (; 10 November 1697 – 26 October 1764) was an English painter, engraver, pictorial satirist, social critic, editorial cartoonist and occasional writer on art. His work ranges from realistic portraiture to comic strip-like s ...

's ''

A Rake's Progress ''A Rake's Progress'' (or ''The Rake's Progress'') is a series of eight paintings by 18th-century English artist William Hogarth. The canvases were produced in 1732–1734, then engraved in 1734 and published in print form in 1735. The series ...

'' (1732–33) displays in a series of paintings the spiralling fortunes of a wealthy but spendthrift son and

heir Inheritance is the practice of receiving private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual. The rules of inheritance differ among societies and have changed over time. Officiall ...

who loses his money, and who as a consequence is

imprisoned Imprisonment is the restraint of a person's liberty, for any cause whatsoever, whether by authority of the government, or by a person acting without such authority. In the latter case it is "false imprisonment". Imprisonment does not necessari ...

in the Fleet Prison and ultimately Bedlam.

In literature

* ''

The Young Man and the Swallow The young man and the swallow (which also has the Victorian title of "The spendthrift and the swallow") is one of Aesop's Fables and is numbered 169 in the Perry Index. It is associated with the ancient proverb 'One swallow doesn't make a summer'. ...

'' (which also has the Victorian title of "The Spendthrift and the Swallow") is a fable about a young man who spends all his money on gambling and luxurious living.

In the Bible

In the '' Parable of the Prodigal Son'', a son asks his father for his inheritance, but then squanders it recklessly as he lives a life of indulgence. With nothing left of his fortune, he is forced to work as a hired hand for a pig farmer.

Legal issues

The modern legal remedy for spendthrifts is usually

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...

. However, during the 19th and 20th centuries, a few jurisdictions, such as the

U.S. state In the United States, a state is a constituent political entity, of which there are 50. Bound together in a political union, each state holds governmental jurisdiction over a separate and defined geographic territory where it shares its sover ...

s of

Oregon Oregon () is a U.S. state, state in the Pacific Northwest region of the Western United States. The Columbia River delineates much of Oregon's northern boundary with Washington (state), Washington, while the Snake River delineates much of it ...

and

Massachusetts Massachusetts (Massachusett language, Massachusett: ''Muhsachuweesut assachusett writing systems, məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England ...

, experimented with

law Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior,Robertson, ''Crimes against humanity'', 90. with its precise definition a matter of longstanding debate. It has been vario ...

s under which the family of such a person could have him or her legally declared a "spendthrift" by a

court A court is any person or institution, often as a government institution, with the authority to adjudicate legal disputes between parties and carry out the administration of justice in civil, criminal, and administrative matters in accordance ...

of law. In turn, such persons were considered to lack the legal capacity to enter into binding

contract A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to tran ...

s. Even though such laws made life harder for

creditor A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property ...

s (who now had to bear the burden of verifying up front that any prospective debtor had not been judicially declared a spendthrift), they were thought to be justified by the

public policy Public policy is an institutionalized proposal or a decided set of elements like laws, regulations, guidelines, and actions to solve or address relevant and real-world problems, guided by a conception and often implemented by programs. Public p ...

of keeping a spendthrift's family from ending up in the

poorhouse A poorhouse or workhouse is a government-run (usually by a county or municipality) facility to support and provide housing for the dependent or needy. Workhouses In England, Wales and Ireland (but not in Scotland), ‘workhouse’ has been the ...

or on

welfare Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specificall ...

.''Olshen v. Kaufman'', 235 Or. 423, 385 P.2d 161 (1963). This case involved the same defendant and was relied upon by the majority in ''Lilienthal''. Both cases involved joint ventures for the sale of

binoculars Binoculars or field glasses are two refracting telescopes mounted side-by-side and aligned to point in the same direction, allowing the viewer to use both eyes (binocular vision) when viewing distant objects. Most binoculars are sized to be held ...

. Such laws have since been abolished in favour of bankruptcy, which is more favourable to creditors.

Receivership In law, receivership is a situation in which an institution or enterprise is held by a receiver—a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights"—especially in ca ...

is another equitable remedy for a spendthrift, by which a state-court-appointed

trustee Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility to t ...

or attorney manages and sells the property of the debtor in default on debts. In

conservatorship Under U.S. law, conservatorship is the appointment of a guardian or a protector by a judge to manage the financial affairs and/or daily life of another person due to old age or physical or mental limitations. A person under conservatorship is a " ...

, a

fiduciary A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons). Typically, a fiduciary prudently takes care of money or other assets for another person. One party, for exampl ...

handles both the personal affairs and paying the debts of an incapacitated person. Infamously,

Theodore Roosevelt Theodore Roosevelt Jr. ( ; October 27, 1858 – January 6, 1919), often referred to as Teddy or by his initials, T. R., was an American politician, statesman, soldier, conservationist, naturalist, historian, and writer who served as the 26t ...

was conservator for his brother

Elliott Roosevelt I Elliott Roosevelt (February 28, 1860 – August 14, 1894) was an American socialite. He was the father of First Lady Eleanor Roosevelt and the younger brother of Theodore Roosevelt (1858–1919), the 26th president of the United States. Elliott and ...

References

External links

{{wiktionary, spendthrift, profligate
''A Rake's Progress''
Personal finance